Playtech Expects Adjusted Operating Profit to Exceed 300 Million Euros in 2026
Key Facts
Playtech said in a trading update published on 10 November that trading from 1 July to 31 October 2026 was ahead of expectations, driven by continued strength in the Americas. The company therefore expects adjusted EBITDA for the year ending 31 December 2026 to exceed 300 million euros. The estimate is above the analyst consensus cited by the company in the announcement. Playtech said performance in the United States remained strong during the period. Chief Executive Mor Weizer said it contributed significantly to profitability and cash flow. The update puts strong trading at the centre of the reasons for raising the annual outlook.
Analysts’ average estimate for 2026 before the announcement was 279 million euros, within a range of 271 million to 285 million euros. The consensus was based on estimates from 7 analysts updated after the first-half results, according to Playtech data, while older estimates from 2 analysts were excluded. The company’s new guidance therefore exceeds the top of the previous range as well as the average estimate. After its first-half results, the company had said it expected adjusted EBITDA of more than 270 million euros for 2026. It had also set a medium-term target of between 250 million and 300 million euros. The update indicates that the 2026 estimate is now above both the previous guidance and the top of its medium-term target.
Weizer attributed the significant contribution to profitability and cash flow to U.S. performance driven by Playtech’s partnership with Hard Rock Digital. He said U.S. performance “remained strong and contributed significantly to profitability and cash flow.” In its first-half results, the company reported that revenue in the United States and Canada rose 161% year on year, largely driven by Past Motor Racing games with Hard Rock Bet in Florida. Playtech had then expected that performance to normalise to a more sustainable level in the second half. The November announcement points to continued strength in trading across the Americas in the subsequent period, without breaking out each market’s contribution to the annual outlook.
In Mexico and Colombia, Playtech said trading benefited from favourable factors following the men’s World Cup. The company described those factors as driving activity in the two markets, without directly attributing to them the significant contribution to profitability and cash flow that the chief executive cited in relation to the United States. This adds a regional dimension to the company’s account of performance in the Americas. The available update does not include separate revenue figures for Mexico or Colombia. Nor does it quantify the effect of the favourable factors on the 2026 adjusted EBITDA estimate.
The backdrop to the improvement was a sharp rise in operating profit in the first half, with adjusted EBITDA increasing to 162.5 million euros from 91.6 million in the same period of 2025, a 77% year-on-year increase. In fiscal 2025, adjusted EBITDA was 197 million euros, compared with 217.5 million in 2024. These figures show a contrast between strong growth in the first half of 2026 and a year-on-year decline in the measure in 2025. In its first-half results, Playtech said that exceeding 270 million euros in 2026 was within its medium-term target range. It then raised its estimate in November to more than 300 million euros, as trading remained strong through the end of October.
The company, however, pointed to challenges that could affect performance beyond the current year. Playtech expects developments in Brazil’s political and regulatory environment to affect adjusted EBITDA for three months in 2026. It said the impact would be greater in 2027 if the current market closure is not lifted. The company also expects 2027 performance to reflect increased competition from third-party PMR suppliers in the United States, alongside political and regulatory developments in Brazil and the full-year impact of the increase in the UK’s remote gaming duty. The company cited analyst consensus for adjusted EBITDA of about 266 million euros in 2027, without providing its own forecast for that year. This puts the 2026 outlook of more than 300 million euros against the pressures the company identified for the following year.